Healthy Competition in the Contractor Market

Competition can have negative connotations, especially in business. “We have to get ahead of the competition,” or, “We don’t want to lose customers to the competition.” But what if, instead, competition could be used as inspiration to grow your business? Here are a few reasons to embrace healthy competition in the contractor market. 

Don’t Get Complacent

If you’ve been in business for a while you’ve probably developed a solid client base. At that point it’s easy to adopt the mentality of “if it’s not broken, don’t fix it.” Just because you’ve always done it that way doesn’t mean it has to stay that way forever. Processes and business practices don’t have to be broken in order for you to evaluate them. 

Take a look at what competitors in the area are doing. Watch how they work. What do they do differently? Their company may not necessarily be better than yours in every way, but identify what they do well and learn from it. When you notice something that would be better than what you’re currently doing or could streamline the way you do business, take notes and try them out in your own company. Allow competition to inspire you to innovate!

Know Your Strengths

It’s healthy to recognize that there will almost always be someone better than you at something. You don’t have to be all things to all people. However, you do know what you’re best at, so focus on that. 

Customers want the best solutions for their home construction projects. Hone in on the areas that you’re great at and target your marketing and promotions along those lines. 

Potential Partnerships

Identify companies in your area with a similar mindset and style of business. Cross-promote services and products that maybe you don’t offer. Are you great at siding, but you frequently refer clients to the company across town that specializes in roofing? Make the connection for them or look for ways to expand your reach while maintaining clients. You never know when they can do you the same favor in return.

Make Clients Top Priority

Rather than focusing on the competition, turn your focus to the client. When clients are your top priority, they receive the best quality of work and service. Win their loyalty and repeat business by ensuring they know they are your main focus.  

Be Proactive

You have a solid business and marketing plan… for now. Don’t allow your company to become reactive and have to chase competitors to stay relevant. Set aside time, maybe once per quarter or even twice per year, for a review. Take a look at your current plan, what’s coming down the road, and brainstorm ways to stay competitive as other companies expand their services or join the market. Challenge yourself now to reach bigger goals in the future. 

One way to set yourself apart is by being able to connect your customers with financing. Let HFS Financial work with your customers to find the right financing option for them. HFS Financial can connect your customers to financing options for almost any home improvement project. Get started today! Contact us at 1-800-254-9560 for more information. “You Dream It, We Finance It.”